COLUMBIA BANKING SYSTEM, INC. (NASDAQ:COLB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On May3, 2018, Columbia Banking System, Inc. (the “Company”) announced that Greg Sigrist has been appointed as the Executive Vice President and Chief Financial Officer of the Company and its wholly owned subsidiary, Columbia State Bank (“Columbia Bank”), effective on or before July1, 2018, as determined by the Company at its discretion. Mr.Sigrist fills the role previously held by Clint Stein, who was appointed Chief Operating Officer of the Company and Columbia Bank in July 2017 and who has continued as the Chief Financial Officer while the Company conducted a search for a successor.
Mr.Sigrist, age 50, joins the Company following his 12-year tenure at Morgan Stanley Bank, N.A. where he was appointed Chief Financial Officer in 2014. Previously, he served for five years as Vice President, Corporate Accounting Policy/M&A Finance with Citigroup. Mr.Sigrist built the foundation of his career with Ernst& Young and McGladrey& Pullen in senior auditing roles of financial services clients including regional and community banks before transitioning into the banking industry in 2001. He earned a Bachelor’s degree in Accounting from Illinois State University and is a Certified Public Accountant in Illinois.
In connection with his appointment as Executive Vice President and Chief Financial Officer, the Company entered into an offer letter with Mr.Sigrist dated April25, 2018 (the “Offer Letter”), which provides for the following: (i)an initial annual base salary of $375,000; (ii) a target annual cash incentive opportunity under the Company’s Annual Incentive Compensation Plan of up to 40% of annual base salary (with any annual incentive earned for 2018 based on base salary actually paid to Mr.Sigrist in 2018); (iii)a one-time signing and relocation bonus in the gross sum of $100,000, a prorated portion of which will be subject to repayment if Mr.Sigrist’s employment is terminated for cause or due to his resignation within his first two years of employment with the Company; (iv)a grant of 2,500 restricted shares of the Company upon satisfactory completion of 90 days of employment, subject to the approval of the Company’s board of directors; and (v)a long-term equity incentive opportunity for 2018 of up to 55% of annual base salary. Mr.Sigrist will also be entitled to additional benefits including the right to participate in the Company’s 401(k) plan, Supplemental Executive Retirement Plan, group medical, dental, accidental death and dismemberment and long-term disability plans and Employee Stock Purchase Plan. The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the copy of such document filed as Exhibit 10.1 hereto.
There are no arrangements or understandings between Mr.Sigrist and any person to which he was selected as the Company’s and Columbia Bank’s Executive Vice President and Chief Financial Officer.
There are no family relationships between Mr.Sigrist and any of the Company’s directors, executive officers or persons nominated or chosen by the Company to become a director or executive officer, and Mr.Sigrist is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.
A copy of the press release announcing the appointment of Mr.Sigrist is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 5.02. | Financial Statements and Exhibits. |
The following exhibits are being filed herewith:
COLUMBIA BANKING SYSTEM INC ExhibitEX-10.1 2 d582055dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 April 20,…To view the full exhibit click here
About COLUMBIA BANKING SYSTEM, INC. (NASDAQ:COLB)
Columbia Banking System, Inc. is a bank holding company of Columbia State Bank (the Bank) and West Coast Trust Company, Inc. The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals throughout Washington, Oregon and Idaho. The Bank provides a range of financial services through approximately 150 branch locations in Washington, Oregon and Idaho. The Company’s products and services include personal banking, business banking and wealth management. It offers its personal banking customers a range of account products, including noninterest and interest-bearing checking, savings, money market and certificate of deposit accounts. The Company offers its business banking customers with a range of checking, savings, interest bearing money market and certificate of deposit accounts. It provides individual and business retirement solutions, insurance solutions, wealth management and financial planning.
